Owners Corporation - What is it?

John

Co-Investor at 166 and forum administrator
Staff member
Owners Corporations (previously known as a "Body Corporate")

I have had several people unsure what a "Body Corporate" or "Owners Corporation" actually is and does. 166 Wellington Parade, like all residential developments, operates an Owners Corporation. All owners are deemed to be members of the owners corporation. Here is a good summary of what a typical Owners Corporation does:

The Owners Corporation through its committee and with the assistance of its professional manager undertakes the following:
• Convening General and Committee meetings
• Circulating information to residents.
• Collecting and accounting for financial contributions and levies and any other monies paid to the Owners Corporation
• Preparing Financial Statements and Budgets
• Handling accounts payable
• Arranging building and common property insurances
• Liaising with owners and residents
• Organising building maintenance and cleaning
• Security, OH&S
• Maintaining all essential services
• Assisting with grievances between residents
• Enforcement of Owners Corporation rules
• Vigilance in maintaining safety /security/amenity/co-operation/respect with /for fellow residents.
(from http://www.28tannerstreet.com/administration_1.html)

166 Wellington Owners Corporation schedules an annual meeting for all members, usually in November.
 

John

Co-Investor at 166 and forum administrator
Staff member
More about Owners corporations in Victoria, at the Victorian consumer affairs website.
http://www.consumer.vic.gov.au/housing-and-accommodation/owners-corporations

Responsibilities of an owners corporation
An owners corporation must:
  • manage and administer the common property
  • repair and maintain the common property, fixtures and services
  • take out and maintain required insurance
  • raise fees from the lot owners to meet financial obligations
  • prepare financial statements and keep financial records
  • provide owners corporations certificates when requested
  • keep an owners corporation register
  • establish a grievance procedure.
It must also:
  • carry out any functions and duties under the Owners Corporations Act 2006, the Owners Corporations Regulations 2007, the owners corporation rules and any other law or regulation
  • ensure compliance with Owners Corporations Act 2006, the Owners Corporations Regulations and rules.
The legislation governing Owners Corporations in Victoria can be found here: http://www.legislation.vic.gov.au
I have attached the relevant piece of legislation if interested.
 

Attachments

  • Owners Corp Reg 2007 (Vic).pdf
    160.6 KB · Views: 2
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